[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Appraisal of Assets



    I would very much appreciate receiving comments on a situation we
have recently encountered and which bothers me. I will be visiting with
the provost in the near future to further discuss it and I need to know
if I am over reacting, or if this is really a difficult situation.

    The financial people at my University have sent a notice that they
have been informed by the State Comptroller  that "property acquired
through a donation must be recorded at its estimated fair market value
on the date of acquisition, using a reasonable market study...the value
must be fully documented and maintained on file in accordance with
comptroller policy and procedure." This  includes collections or
individual items of significance that are owned by a state agency which
are not held for financial gain, but rather for public exhibition,
education or research in furtherance of public service.  By September 1,
2001 they want a complete inventory of the holdings of the Archives and
on Sept. 1 they expect me to start placing a value on every new
donation, which I am then to submit to them. They want the value and a
running inventory to be kept on file in their office.

    I have mentioned that archivists, because of IRS rulings, should not
place a value. I have also mentioned the time involved in appraisal and
that it should be done by a professional appraiser who has been
certified by the American Society of Appraisers for the value to be
accurate.  It was suggested by the business office on this campus that I
simply put an artificial, and very low value on all items.  A $1.00
value on every item was the amount suggested. I have further mentioned
that I am concerned about security.

    We have done some research and we think the Business people have
discovered an old ruling that has already been discounted by most
agencies. Does anybody out their have a suggestion or comment.  I am
really trying to present this in an even way so that I can get some idea
of the thinking behind this request.

    Thank you for any insight or assistance you might provide.


Cecilia Aros Hunter
Archivist
Texas A&M University-Kingsville
South Texas Archives
James C. Jernigan Library
MSC 197
Kingsville, TX 78363
phone: 361-593-4154 or 361-593-2776
fax; 361-593-2240
e-mail: kacah00@tamuk.edu

A posting from the Archives & Archivists LISTSERV List!

To subscribe or unsubscribe, send e-mail to listserv@listserv.muohio.edu
      In body of message:  SUB ARCHIVES firstname lastname
                    *or*:  UNSUB ARCHIVES
To post a message, send e-mail to archives@listserv.muohio.edu

Or to do *anything* (and enjoy doing it!), use the web interface at
     http://listserv.muohio.edu/archives/archives.html

Problems?  Send e-mail to Robert F Schmidt <rschmidt@lib.muohio.edu>